Morocco's Wafa Assurance to Acquire Egypt's Delta Insurance in $100mln Deal

Morocco's Wafa Assurance is acquiring a majority stake in Egypt's Delta Insurance for $100 million, valuing the company at 925 million dirhams. The acquisition is pending approval from Egypt's Financial Regulatory Authority and will expand Wafa Assurance's operations in a fast-growing market with strong growth potential.

Morocco's Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance from its current owner, Egypt Kuwait Holding Company. The deal, valued at 925 million dirhams ($100 million), aims to expand Wafa Assurance's operations in the Egyptian market [1][2].

Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share for the acquisition. Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer. The deal is pending approval from Egypt's Financial Regulatory Authority [1][2].

Wafa Assurance already operates in Egypt's life insurance market through its subsidiary, Wafa Life Insurance Egypt. The acquisition will expand its operations in a fast-growing market with strong growth potential [1][2].

References:
[1] https://www.zawya.com/en/business/banking-and-insurance/moroccos-wafa-assurance-to-take-over-egypts-delta-insurance-dnadqfl2
[2] https://www.marketscreener.com/quote/index/FTSE-EGYPT-INDEX-121232409/news/Morocco-s-Wafa-Assurance-to-take-over-Egypt-s-Delta-Insurance-50251125/